Hello Traders,
Earlier today economic data from China showed that GDP and industrial production grew faster than expected. At 6.9% and 7.6% YoY GDP and industrial production expansion, investors were sidestepped by the news. This was largely unexpected given that Chinese authorities were on a drive to prevent systemic risks posed by lose financial supervision through efficient credit control and extended regulations. For sure, the steps initiated by China prior to this were interpreted as negative for the Yuan and by extension the AUD, Yen and Kiwi. So, obviously at the expense of investors, the expansion in China should help other Asian economies continue their rally and that is why investing in interest yielding Kiwi/Aussie is the way to go.
In the daily chart you can see despite the recent hike by the BoC, the NZD is resilient and has since moved horizontally while making a series of higher lows in relation to the lower BB. A couple of pin bars since 12.07.2017 in the oversold territory of the stochastics will likely indicate a short term price reversal towards resistance at 0.95.
I will trade as follows:
Buy: 0.93
Take Profit: 0.955
Stop Loss: 0.92
Have a good trading day.

nzdcad daily chart-18.07.2017

Source: Dalmas Ngetich

nzdcad 4HR chart-18.07.2017

Source: Dalmas Ngetich

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